Pennwood in Atlantic City deal

Pennwood Racing, a Pennsylvania-based partnership of the owners of Philadelphia Park and Penn National Race Course, has reached an agreement to purchase Atlantic City Racecourse in New Jersey, officials said Monday.

The sale would give Pennwood two tracks in New Jersey. The company already owns Freehold Raceway, a harness track, in north-central New Jersey. Atlantic City is on New Jersey's southern shore.

The sale would give Pennwood a larger share of the betting market in New Jersey, which would give the track a leg up in developing an OTB and telephone-account wagering system in the state, officials said. New Jersey legalized OTB and phone wagering this year.

"We think this strengthens our position as far as how many OTB's we can operate," said Hal Handel, an executive with Pennwood.